China's state-owned tobacco behemoth is booming, defying global trends and anti-smoking efforts

China is defying global smoking trends with a surge in cigarette sales driven by the China National Tobacco Corporation, the world’s largest tobacco producer. Retail cigarette sales in China have been increasing for the past four years, reaching 2.44 trillion sticks in 2023, with forecasts predicting further growth to 2.48 trillion by 2028. Despite commitments to reduce smoking rates, China’s tobacco industry remains lucrative, with China Tobacco accounting for 97% of the country’s production and sales, generating about 1.5 trillion yuan ($210 billion) in revenue in fiscal year 2023.

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